patrick.net

http://www.realtor.com/realestateandhomes-detail/2214-Pacheco-Blvd_Martinez_CA_94553_M25668-83426

Okay, I purchased the house in this link in 1996 for $119K, re-fied twice till total owed was 200K, and then sold it in 2006 for 406K - as is (and it needed a lot of expensive work). When I owned it it was 2bd 2ba, 1100 sq ft with no central air or heat. The people who bought it apparently sunk a great deal of money - now 3 bd 2ba, 1300 sq ft with garage finished as in-law and central air/heat. They also put on a new roof, redid the front porch and replaced the concrete in the back yard with grass. A lot of money! Anyway, I doubt this will sell for $199K especially as the house next door went for $135K as a foreclosure. I also noticed as I searched this zip code (been keeping a eye on it since I left) there were only 50 houses for sale in Martinez where there used to be hundreds. Has everyone given up or are those now part of the so-called "shadow inventory" waiting to be loosed on the world?

I feel sorry for these folks - first house, young family, probably poured their hearts & souls into making this a home, but I've been predicting this would happen for six years and it still makes me sad. Especially since I won this game - despite having used that house as an ATM for ten years, I still walked away with enough to pay cash for a brand new house in NC.

Anyway, I don't see an end in sight out there.

#housing